Originally published on: November 04, 2024
The Blockchain Association, a prominent advocate for the cryptocurrency and blockchain industry, recently revealed some shocking numbers in a new report. According to the association, the United States Securities and Exchange Commission (SEC) has caused companies to collectively spend over $425 million in digital asset litigation.
In an update to the BA’s “regulation by enforcement” page, it was disclosed that the SEC had initiated 104 cases against the crypto industry between 2021 and 2023. This aggressive legal action has led to an estimated $426 million being spent by BA member companies in defensive litigation against the SEC.
The Blockchain Association is now calling for a change in leadership at the SEC, stating that both the crypto industry and the American people are ready for a shift to put an end to what they call “law-fare” against the industry.
Coinbase, a major cryptocurrency exchange, recently made headlines as well. The company’s chief legal officer, Paul Grewal, revealed that they had uncovered evidence of the Federal Deposit Insurance Corporation (FDIC) advising banks to steer clear of offering crypto-related services. This revelation came after Coinbase filed Freedom of Information Act (FOIA) requests against the FDIC, demanding transparency on the issue.
Meanwhile, Alameda Research, a subsidiary of the defunct crypto exchange FTX, has filed a lawsuit against KuCoin seeking to recover over $50 million in assets frozen on the platform since FTX’s collapse in 2022. The legal battle is unfolding in the US Bankruptcy Court for the District of Delaware.
Additionally, the Victoria Police in Australia made headlines for seizing $142,679 in crypto assets following the authorization of new powers allowing officers to confiscate digital assets from criminals. This marks the first successful crypto seizure for the department.
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